right now, we are under 90 minutes away from a loose deadline. president obama placed blame on speaker boehner for putting the country on the edge of this cliff. >> what we have is a situation where these automatic spending cuts go into place. if we have raised revenue by the wealthy paying more, that would be sufficient to turn off what's called the sequester, the automatic spending cuts. that would have a better outlook for the economy long term. so far, congress has not been able to get it done not because they don't want to cooperate, but because it's been hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a bit as part of an overall deficit package. >> i'm told we have new information coming to us from capitol hill, kelly o'donnell. you have been working the phones, e-mails and everything else. is there an update? >> there is. it doesn't look like a promising one. there's been a major setback in negotiations. majority leader harry reid has been telling fellow democr